Wow. That's encouraging. But is he right? Have there been other studies done?College acceptance and future success are both reflections of an obvious but often overlooked variable: the person you're becoming in your late teens. After all, elite schools aren't taking a random sample of high-school students and churning out success stories. They're accepting people who are already on the road to success, connecting them with peers and alumni in successful jobs, giving them a degree that signals to employers that this person has the potential to be successful, and then basking in their eventual success.
students who attended more selective colleges earned about the same as students of seemingly comparable ability who attended less selective schools.